Sunday, February 5, 2012

Toronto "HOT" real estate market

Toronto City Hall
January 2012 Sales Figures for Toronto and GTA (Up or Down?)

Ontario Real Estate Source

By Brian Madigan LL.B.

The 2012 market started out with a bang! The sales were 4,567 compared to 4,199 last year.

Pressure also was placed upon the price which moved up to $463,534. Last year it was $425,762.

Sales are up 8.76%

Prices are up 8.87%

Those are the year over year numbers. So, that certainly appears to have things going in the right direction.

That would seem to be good unless you looked carefully at the numbers and realized that the high number was achieved in May 2011. That was $485,520, which means that we are still about $22,000 shy of the peak.

Are the prices up this January?

Compared to what?

Yes, compared to last January.

No, if compared to the market peak.

You be the judge as to whether the market is up or down. But, it will be interesting to see how different people comment on the market.

Brian Madigan LL.B., Broker is an author and commentator on real estate matters, if you are interested in residential or commercial properties in Mississauga, Toronto or the GTA, you may contact him through RE/MAX West Realty Inc., Brokerage 416-745-2300.